Loan Modification Lawyer in St. Petersburg
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When a borrower has fallen behind on his or her mortgage payments, it may
be difficult or impossible to see a way out. Fortunately, there is actually
a way for a homeowner to negotiate with a lender to seek a modified mortgage
agreement that will result in a payment that the homeowner can actually
afford. A loan modification is a permanent change in one or more of the
terms of a mortgage loan. The loan is reinstated with these changes in
effect, typically resulting in a lower payment.
The best way to approach a loan modification is with the assistance of
an attorney. A
foreclosure defense lawyer will not only know who to contact at your lender's office but will
also know how to conduct negotiations to seek a modification that is in
your best interests. While some lenders may try to take advantage of homeowners
who do not have an attorney to handle their case, with a competent legal
professional you can rest assured that your rights will be well protected.
Call LeavenLaw to learn more about your legal options!
What is a loan modification?
This process involves negotiating with a lender to alter the terms of a
This may include:
- Extending the length of the loan
- Adding past due payments into the overall loan amount
- Reducing a mortgage rate
These changes allow a homeowner to pay his or her mortgage every month
and therefore avoid defaulting on the loan and facing foreclosure.
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With foreclosure looming on the horizon, it may seem that there are no
options to save your home. However, lenders as well as borrowers may find
loan modification advantageous.
Foreclosure is an expensive process for a lender to carry out. The lender may stand to save money by helping
a homeowner remain in the home and avoid a
short sale (where the lender would accept less than the value of the property) or
deed in lieu (where the lender would accept the property back and "forgive"
the balance owed by the borrower).
Make sure you have a legal professional who will be able to accurately
present your case to the lender in order to seek a modification that will
benefit you now and in the long run.